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on the radio with Paul Petillo
Join Paul Petillo, Dave Kittredge and Dave Ng every week on Financial Impact Factor Radio as they to discuss everything from retirement to insurance, investing to estate planning, from getting started to preparing to stop.
books by Paul Petillo
I just published my fifth book - this time with Smashwords! ReBuilding Wealth in a Paycheck-to-Paycheck World by Paul Petillo, copyright 2011 This ebook is available across all platforms including iPad and iPhone, Amazon and Sony.
on personal finance
In the world of personal finance, asking what's the worst that could happen is not the same as asking: "will I be able to afford this?" or "have I saved enough for retirement?"
More personal finance
on retirement
The Who, What, When, Where and Why of Retirement
If things are good, for some they won't be good enough. If it turns out that things are not so good, someone will ultimately benefit for this off-chance negativity.
More on retirement planning
on mortgages
American dream or not, the games you may have once played with financing your home are not available for the vast majority of homeowners.
More on mortgages and homes
on insurance
Insurance : Life, Health, Auto, Home
Is the insurance industry the next victim of the financial crisis?
Health Channel
on investing
The mutual fund investor has a great many more options available to them in the post-Great Recession marketplace. The question is: are they right for you as you make a retirement plan using 401(k)s or IRAs?
More on investing
on twitter @PaulPetillo
special features
Zack's Investment Tools: Stock Screener or Mutual Fund Screener
Calculators
Privacy Policy
Ad Policy
Our recent financial discussions
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on tax audits
Did you know that the IRS keeps Statistics on your income? It's true and they do it for a good reason: taxes and cheaters. If you think you might be audited - and once your income hits the $100,000 mark, your probability of receiving either a letter (a question about this deduction or that) or an actual visit from or a request to visit them increases incrementally. Over thirty one thousand people earning a million dollars or more had to explain their returns to the IRS.
Here are the top audit triggers:
High deductions: Take what you feel legally comfortable with and write a note, attach it to your return explaining those that you feel squeamish about taking. Here's where you can find out what the IRS may be looking at on your return.
Make sure your deposits match: The IRS looks at banking and brokerage activity. Does what you deposit match what you said you earned?
Are you self-employed? They mostly don't believe you so be extra cautious. This is where the majority of red flags appear after typos
And once you get the call, only three things can save you: The records you keep, the explanations you offer in advance of the inquiry, and the ability to keep your information concise. Idle chit-chat has brought more than one audit to a less than savory conclusion. If you are really concerned, hire someone. Otherwise, stay on deadline
bluecollardollar: from the blogRetirement: Comparing Apples to Oranges
bluecollardollar: resources
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